Millennial Media, Inc. (NYSE: MM) has just become the king of IPOs in 2012.  It was not even in our own Top 17 IPOs To Watch in 2012.  After selling 10.2 million shares at $13.00 per share, the stock is trading above $24.00 per share and it hit $27.90 at the peak of today’s trading.  With almost two hours to go, this stock has traded more than 14.5 million shares.

Millennial runs advertising technology for mobile apps and the cloud and mobile space keeps driving interest.  After all, how many IPOs literally double in a day?  To make this even more impressive it should be remembered that the $13.00 per share price was at the top of its expected price range.

The offering was led by Morgan Stanley, Goldman Sachs and Barclays Capital.  Needless to say, that 1.53 million share overallotment option was certainly exercised.  Seeing a gain of 100% and a turnover of more than 100% on the debut day stands out as a positive in any market.

The move followed a shocking IPO from yesterday in Annie’s, Inc. (NYSE: BNNY) which was holding the record for the best IPO since LinkedIn Corporation (NYSE: LNKD) came public last year.  Annie’s is an organic and natural foods company, so it is not exactly a cloud or mobile play.

Even CafePress, Inc. (NASDAQ: PRSS) is up almost 8% at $20.43 on the day but it traded as high as $22.68 on the day.

It is a bit surprising, but the First Trust US IPO Index (NYSE: FPX) has hardly budged and volume is miniscule.

There is something very obvious happening here.  It is getting easier and easier to come public again.

JON C. OGG

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